reflections
Published Monthly By Kurfiss Sothebyâ&#x20AC;&#x2122;s International Realty / March 2013

Sales in 2012 Halt a Six-Year Slide
Positive signs for homes sales are appearing in the greater Philadelphia real estate market,
and if trends continue, average prices should stabilize and increase in 2013. Specifically:
• In 2012 in Bucks County, the average home price was
$316,000, the same as in 2011. The inventory of homes
for sale in 2012 fell in every price range, however there is
still an astounding 26-month supply of $1,000,000+
homes on the market in Bucks.

• In Montgomery County, average home prices held
steady in 2012 at $301,000. Inventory levels dropped
in across the board; notably, in 2012 there was a
13.4-month supply of $1,000,000 and above
homes, down from 18.7 months in 2011.

• Chester County’s average home price fell in 2012 to
$335,000 from $350,000 in 2011. Inventory declined in
every price range except the luxury home category,
which in 2012 showed a 26-month supply from
a 20-month supply in 2011.

• Philadelphia County is the winner as far as increase
in average home price, thanks mostly to the high
number of luxury home sales in 2012. The 2012
average home price rose to $194,000 from
$182,000 in 2011. More noteworthy is the
decline in inventory of luxury homes in the city:
9.8 months in 2012, down from 26 in 2011.

• The average home price also fell in Delaware County
in 2012 to $259,000 from $263,000 in 2011. Inventory
declined in every price range, though the luxury home
category at 11.6 months of inventory was down just
a hair from 2011’s 11.8 months.

cheers to that!
On April 26, 2013, Sotheby’s auction house in New York will offer wines from the cellar
of the celebrated Catalan restaurant elBulli, which closed in 2012. Founded more than
50 years ago, elBulli was led by Ferran Adria for the last 27 years, a chef who is considered
one of the most innovative, groundbreaking professionals in the history of gastronomy.
The auction will present collectors all over the world with an opportunity to acquire
the wines from the restaurant, some of which were labeled exclusively for the
three-Michelin-star establishment. Proceeds will benefit the elBulliFoundation, which
will focus its activity on ‘Creativity.’ The Foundation will study the efficiency of the
innovation processes, and how they are recorded and audited, using cooking
as a language that interacts with other disciplines.
The auction is sure to be exciting, but if you can’t attend, check out the list of
other wine events, or the next time you’re in New York City, visit the
Sotheby’s wine store at the auction house at 72nd and York Ave.